While we pour over the WikiLeaks cable revelations and see the debt contagion in the EU now threatening to infect even Germany, there is a growing worldwide internet campaign aimed at the 7th Dec 2010 that may well turn this storm into a tempest.
It's not just that Irish Parliament is due to vote on their austerity budget that day with a coalition government majority of just two and one of the coalition parties, the Green Party, saying they will then leave the coalition forcing an election.
No, it's the threatened bank run.
The French, backed by the ex-Manchester United footballer Eric Cantona, somehow came up with the idea that the way to strike back at the 'system' and make your voice heard was simply for everyone to remove their money from the banks on one single day, the 7th December.
This has quickly spread virally over the internet despite not being given air time or space on most standard media outlets. There's even a website for it (bankrun2010.com).
As of Friday there were people from over 20 countries** involved on Facebook alone (thanks radiofreepenzance for the information).
This is not an isolated campaign though. Over in the US there is the 'Move Your Money' campaign. People are being asked to move their money from the 'too big to fail' banks and put it in "local banks and credit unions that promote community wealth".
Then the internet finance guru Max Keiser waded into the mix with his 'buy silver crash JP Morgan' campaign, which he has asked people to couple with the bank run on 7th Dec. That is, take your money out of the banks and buy sulver. A real broadside to the banks.
Now, most people going about their daily lives, including bankers, may well dismiss all this as the work of some fringe nut jobs. But a quick trawl of the internet will show that there are a lot, I mean a hell of a lot, of 'nut-jobs' out there planning to do just what is asked.
Now, with the way that fractional reserve banking works, it only takes a fraction of the people who have money in the bank to turn up and ask for it in cash to cause the bank huge problems (remember the pictures and videos of Northern Rock branches?) if not forging them under. I would suspect that the banks are making sure that those branches they think may be the target of this campaign will have lots of cash available. But that will mean other branches possibly in other countries will be short. Don't think this will be somehow isolated because, as we have found out all banks, especially the large ones, are basically joined at the hip.
Now, if one bank runs into trouble other banks may be forced to lend to it (will they?) or central banks will again have to move in. That will really spook people.
With banks and currencies looking shaky many people are turning to precious metals like gold and silver to protect their wealth. I wonder how many people have had calls from their financial advisers warning them that they may want to investigate this option. Especially if they are very risk averse. Not many I would wager, as there's generally no commission in it.
It would not be pleasant to wake up on the 7th Dec with Christmas looming to see the banking system collapsing with your money in it. But I suppose everyone assumes the government (taxpayer now and future) will pick up the tab and guarantee it as usual. But can they now afford to?
Maybe some people, purely out of caution, will remove their money for a few days from the Friday beforehand just to be on the safe side exacerbating the situation.
No-one knows until the 8th Dec how this will pan out. It could very well just be a damp squib. Or …… .
I'll leave you with the video that shows some of the feeling that is running through this bank run campaign.
**List of Facebook sites
BELGIUM
COLOMBIA
ITALY: (***CENSORED***)
ITALY: (***RESURECTED***)
NETHERLANDS: (***CENSORED***)
NETHERLANDS: (NEW)
USA
withdraw your money and kill JP morgan buying silver (physical, not papers contracts!)
Money with the « FIAT currency model » is the trick to stole everything.
FED (and all central banks) is the main gangster, as Paul Grignon explain in its video :
http://www.moneyasdebt.net/
http://video.google.com/videoplay?docid=-2550156453790090544
Or for frenchies
http://bankster.tv/videos.htm
Put your money only on cooperative/ethical banks, local credit union, or In gold or silver if you prefer. But do not let big banksters speculate with your money nor finance war and corruption!
December 7th is also Pearl Harbor Day.
Dumbest idea EVER – that working everywhere people should *cheer* for the collapse of the banking system.
Clearly, cutting off ones nose to spite ones face.
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Attention: BankRun 2010.
I thought as many others that the movement initiated by Eric Cantona was spontaneous and naive and thought that I could hang myself to it in order to establish La Nouvelle Économie. After a Skype discussion with Géraldine Feuillien I came to the conclusion that it was a movement whose brain manipulator is still unknown but whose purpose is to establish an economic system probably fascist that will emerge by terror rather than a movement that will foster the economic interests of each of us.
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That James, is the $64 billion (trillion?) question.
I suspect that public apathy and ignorance will prevail to the profit of those suspected of market manipulation. Proving to the 'powers that be' that they are justified in shearing the sheople, because the sheople do not then deserve the responsibility of self determination.
And that's just bloody sad!!
Hi V07768198309, can you expand on this please?
Are you saying that people like Eric Cantona and Max Keiser etc ere being taken for a ride, or worse still are part of a giant conspiracy to further defraud the people?
I shall withdraw my money for a day if I am not snowed in,which may be a possibility. I HATE banks.
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Warning! BankRun 2010: Fascism in Disguise.
BankRun 2010 is a mass cash withdrawals from the banks. It is initiated by retired football player Eric Cantona, organised on the Internet by a network of Facebook events and has attracted an unduly high attention from the media.
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I thought that it was spontaneous and naive and thought that I could hang myself to it in order to establish La Nouvelle Économie After a Skype discussion with Geraldine Feuillien I came to the conclusion that its brain manipulator is still unknown and his purpose is to establish an economic system probably fascist that will emerge by terror rather than a movement that will foster the economic interests of each of us.
Underestimating, on the short and medium run, the magnitude of this movement, its infamous character and the power of its sponsors would be suicidal.
To preempt the evil intentions of BankRun 2010 I will propose as quickly as possible an economy after the inevitable financial crash has occurred. This market economy will be free of credit. It will hence strip the banks of their relevance.
The page of our community contains precious instructions concerning measures to be taken before December 7 to preserve your life savings.
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